Mortgage life insurance is a specific type of insurance made to help a spouse or child who is left with a mortgage. If you came here looking to get a life insurance quote please fill out the form on the side of this page. We will cover reasons to look at this specific type of insurance and some options that may meet your needs more. We also provide information on other types of life insurance HERE.
Mortgage life insurance is pretty easy to explain because of is name. If you have a home with a mortgage on it and would like to make sure your loved ones are not saddled with the mortgage should you pass away, then this type of life insurance may be a great option for you. It is specialized in that it follows the amount of your mortgage and reduces in benefit over time. This also means that the premium will decrease as the coverage decreases. Overall this is a great option for families with two working spouses who need both incomes to pay the mortgage but could get by with the regular expenses if the mortgage were to be paid off.
While mortgage life insurance has become a popular product we are seeing more and more people opt to go with twenty or thirty year term life insurance. Now this may surprise you. The reason that people choose this option is that many times the cost is not that different and you can get much more insurance coverage. This allows you to make sure that your loved ones are taken care of for much more than just the mortgage. If you have young children you can put money away for college. Other options to include getting enough insurance to pay off the house plus any other debt or an even larger plan that can be used to replace your income for a very long period of time. With all these option on the table people just see a real need to forgo the mortgage life insurance and go with a term life insurance policy that really helps get their family into a very strong position should one spouse pass away.
You can get quotes for either type of life insurance by using the form on the side of this page. You will get quotes from multiple companies like Liberty mutual or AARP. At TermLife360.com we are dedicated to helping you find the insurance that best meets your needs from the least expensive company. So whether it is mortgage life insurance or term life insurance that best meets your need we are able to shop hundreds of companies to find you the best rate.